MENA Fintech Association Launches in Iraq With Plans to Bolster Local Financial Growth
Iraq joins the fintech revolution as MENA Fintech Association opens its chapter to drive innovation, policy reform, and local financial growth.
Iraq Embraces a Digital Financial Future With MFTA Launch
The MENA Fintech Association (MFTA) has officially launched its Iraq chapter, a move that signals deep commitment to local financial growth. This development arrives as Iraq undergoes broad economic reforms and increasing digital transformation efforts across sectors.
Although Iraq faces longstanding financial challenges, it is now moving swiftly toward fintech-driven modernization. With MFTA Iraq’s launch, the country gains a dedicated platform to promote innovation, improve financial literacy, and support stronger regulatory frameworks.
Accelerating Fintech Adoption in Iraq
Led by fintech pioneer Bahaa Abdul Hadi, the new chapter will encourage greater collaboration between fintech players and public institutions. Abdul Hadi, co-founder of International Smart Card (ISC), helped launch Qi Card, a leading biometric payment solution.
Since its 2009 debut, Qi Card has transformed how millions of Iraqis access digital finance. ISC now plays a critical role across both public and private sector services. With Abdul Hadi as Chapter Chair, MFTA Iraq aims to enhance regulatory standards and accelerate local financial growth.
Iraq’s Digital Transactions Are Surging Rapidly
Digital transactions in Iraq have soared recently—from 2.6 trillion to 7.6 trillion Iraqi Dinars in just one year. This reflects widespread trust in digital financial tools. The government’s push for economic diversification has played a major role in this transition.
At the same time, increased mobile usage and digital wallets have supported broader financial inclusion. The Central Bank of Iraq has introduced new digital payment regulations to further reduce cash dependence and increase transparency.
Local Financial Growth Powered by New Regulation
With support from the United Nations Development Programme (UNDP) and Iraq’s central bank, these regulations promote best practices in compliance. They also help modernize Iraq’s payment ecosystem while increasing access to digital banking tools.
Furthermore, MFTA Iraq will work closely with policymakers to align with global fintech frameworks. As part of its strategic roadmap, the association will focus on regulatory modernization and responsible fintech innovation.
Collaboration Is Central to Iraq’s Fintech Vision
According to MFTA Chairman Nameer Khan, Iraq’s fintech journey goes beyond expansion. He believes the country has a chance to become a regional fintech hub. Therefore, the launch is both symbolic and strategic—highlighting Iraq’s growing place in MENA’s financial ecosystem.
Importantly, the association will support cross-border trade and help local startups scale. Through education, partnership, and policy support, it will integrate local financial growth into Iraq’s broader economic future.
2025 Roadmap and Long-Term Vision
In the coming weeks, MFTA Iraq will announce its 2025 roadmap. This will outline goals such as developing digital banking infrastructure and expanding secure payment systems. Moreover, fintech will be used as a tool for empowerment and economic stability.
With increased digital adoption and evolving regulations, Iraq has reached a unique moment. By launching MFTA Iraq now, stakeholders hope to leapfrog legacy systems and foster rapid innovation.
Looking Ahead: Iraq’s Role in MENA’s Fintech Landscape
As Iraq embraces technology-driven solutions, fintech can serve as a key driver of resilience and growth. The MENA Fintech Association’s new chapter marks a pivotal step in building a digitally inclusive economy.
By strengthening cooperation among innovators, regulators, and financial institutions, the association will anchor long-term local financial growth. It shows how shared vision and strategic action can truly reshape the future of finance in Iraq.
